Koen Bellemans: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Koen Bellemans
Largest movements
- Tangible fixed assets -€6,976
down €6,976 (-21.7%), from €32,201 to €25,225
of which Furniture and vehicles: -€8,701
- Cash +€3,085
up €3,085 (+13.6%), from €22,685 to €25,771
mainly Depreciation (+€13,342) and Tax, wage and social debts (+€3,488)
- Receivables within one year +€785
up €785 (+33.9%), from €2,317 to €3,102
of which Trade receivables: +€788
- Profit (loss) carried forward -€4,442
down €4,442 (-44.4%), from -€9,997 to -€14,439
- Tax, wage and social debts +€3,488
up €3,488 (+129%), from €2,698 to €6,186
of which Taxes: +€3,488
- Other debts -€2,162
down €2,162 (-4.6%), from €47,471 to €45,309
- Gross operating margin +€5,899
up €5,899 (+103%), from €5,703 to €11,602
- Depreciation +€3,670
up €3,670 (+37.9%), from €9,672 to €13,342
- Other operating charges +€559
up €559 (+212%), from €263 to €822
- Financial charges +€378
up €378 (+230%), from €164 to €543
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €58,946 | €55,872 | -€3,074 | -5.2% |
| Fixed assets | 21/28 | €32,201 | €25,225 | -€6,976 | -21.7% |
| Tangible fixed assets | 22/27 | €32,201 | €25,225 | -€6,976 | -21.7% |
| Plant, machinery and equipment | 23 | €17,901 | €19,625 | +€1,724 | +9.6% |
| Furniture and vehicles | 24 | €14,300 | €5,599 | -€8,701 | -60.8% |
| Current assets | 29/58 | €26,746 | €30,648 | +€3,902 | +14.6% |
| Amounts receivable within one year | 40/41 | €2,317 | €3,102 | +€785 | +33.9% |
| Trade receivables | 40 | €2,314 | €3,102 | +€788 | +34.0% |
| Other amounts receivable | 41 | €3 | €0 | -€3 | -100% |
| Cash at bank and in hand | 54/58 | €22,685 | €25,771 | +€3,085 | +13.6% |
| Deferred charges and accrued income | 490/1 | €1,743 | €1,775 | +€32 | +1.8% |
| Total equity and liabilities | 10/49 | €58,946 | €55,872 | -€3,074 | -5.2% |
| Equity | 10/15 | -€6,997 | -€11,439 | -€4,442 | -63.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,997 | -€14,439 | -€4,442 | -44.4% |
| Amounts payable | 17/49 | €65,943 | €67,311 | +€1,368 | +2.1% |
| Amounts payable within one year | 42/48 | €50,844 | €52,268 | +€1,424 | +2.8% |
| Trade debts | 44 | €676 | €774 | +€98 | +14.5% |
| Suppliers | 440/4 | €676 | €774 | +€98 | +14.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €2,698 | €6,186 | +€3,488 | +129% |
| Taxes | 450/3 | €2,698 | €6,186 | +€3,488 | +129% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €47,471 | €45,309 | -€2,162 | -4.6% |
| Accrued charges and deferred income | 492/3 | €15,099 | €15,043 | -€56 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,672 | €13,342 | +€3,670 | +37.9% |
| Other operating charges | 640/8 | €263 | €822 | +€559 | +212% |
| Non-recurring operating charges | 66A | - | €1,196 | +€1,196 | |
| Gross operating margin | 9900 | €5,703 | €11,602 | +€5,899 | +103% |
| Operating profit (loss) | 9901 | -€4,232 | -€3,758 | +€474 | +11.2% |
| Financial income | 75/76B | €5 | €0 | -€5 | -98.0% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -98.0% |
| Financial charges | 65/66B | €164 | €543 | +€378 | +230% |
| Recurring financial charges | 65 | €164 | €543 | +€378 | +230% |
| Profit (loss) for the period before taxes | 9903 | -€4,392 | -€4,301 | +€91 | +2.1% |
| Income taxes | 67/77 | €128 | €141 | +€13 | +10.1% |
| Profit (loss) for the period | 9904 | -€4,520 | -€4,442 | +€78 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,520 | -€4,442 | +€78 | +1.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.